Affordable Real Estate Locations In Canada

By: Daniel Rattanamahattana on September 24, 2012

Over the course of the past few years, the Canadian housing market has experienced a boom. With more people buying homes, prices have shoot through the roof. While it seems as though there are very few inexpensive areas for real estate at the moment, that is not the case. There are quite a few left, and MoneySense reveals them.

According to MoneySense, Regina has been deemed one of the top affordable housing markets in Canada. In this city, the housing market continues to experience a boom; however, this does not mean that housing prices have escalated beyond affordable. The average price of a home in Regina is $285 000 while condos cost about $250 000. The economy also contributes to the city’s high score, as it presents one of the lowest unemployment rates in Canada.

Fredericton comes in second. The average price of a home in the city is just $185 000 and the average household income is more than $80 000. In essence, it would take just over two years for a family to purchase their home, which is incredible as homes in Vancouver would take 9 or more years to pay off based on average income.

Other affordable locations include Thunder Bay, St. John’s, Winnipeg, Moncton and Edmonton. While these may not seem like the most exciting cities, the housing boom has seen them expand quite quickly. So, the quality of life is still fantastic in provinces like Alberta and Saskatchewan.